A substantial 4,074sqm freehold land parcel in the heart of Petone is up for sale.
11-19 Cuba Street and 10-20 Tory Street, Petone, Lower Hutt is being marketed by Dharmendra Mistry and Rick Stace of CBRE and is available for sale by Deadline Private Treaty closing Wednesday 29 May 2019 at 4pm.
Mark Roberts, Group General Manager of Alsco NZ, says, “There has been a laundry on this site in Petone going back a century or more - it has served Alsco well but is no longer fit-for-purpose.” He adds, “We are divesting this site and undertaking a significant investment with a purpose built depot in Porirua due for completion late 2019.”
One-hundred and thirty years ago in 1889, Alsco was a pioneer in the development of the rental laundry business to the world. Today, Alsco provides convenient, cost-effective textile rental services and in New Zealand alone, it has 20 branches nationwide and services over 30,000 customers on a weekly basis.
Rick Stace, Associate Director of CBRE Wellington, says, “This is an exceptionally rare opportunity to acquire a substantial 4,074sqm freehold land parcel in the heart of Petone which is ripe for residential development.”
“This large land parcel is available with vacant possession and delayed settlement and is zoned ‘Medium Density General Residential’ with an associated maximum building height limit of eight metres above ground level,” he says.
Dharmendra Mistry, Associate Director of CBRE Wellington, says, “The property occupies a high profile, dual frontage site located within close proximity to the main retail precinct of Jackson Street and only 10km from the Wellington CBD.
“Offering 11 lots on 10 freehold titles, significant frontage to both Cuba and Tory Streets and a site depth of some 60.96 metres, makes this an impressive development site and one that is likely to attract the attention of developers and building companies from the Hutt Valley, Wellington and further afield.”
Petone has seen exceptional growth in the last five years in both the commercial and residential sectors and this is likely to continue in the coming years as we see a high demand from businesses looking to secure premises in Petone, and residential developments being completed to keep up with demand.
“Petone benefits directly from its central location, ease of access, close proximity to the waterfront and character architecture,” says Mistry. “It has become an irresistible drawcard to both residential and commercial occupiers, investors and developers alike.
“This location has seen a mix of refurbished buildings, new retail developments and brand-new residential developments including apartments and townhouses,” he adds.
Stace says, “Given the rarity of this offering, CBRE strongly recommends your early consideration of this outstanding development opportunity and encourages interested parties to get in touch without delay.”
ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
